The Pound Euro (GBP/EUR) exchange rate is inching lower for a third consecutive day
The Pound closed lower on Wednesday, but off session lows after a dismal outlook and surging spending from the British Chancellor Rishi Sunak.
The UK economy is expected to contract -11.3% in 2020 according to the OBR, whilst public sector borrowing will hit £400 billion to help cushion the UK economy from the pandemic hit. This will be the largest budget deficit in peacetime ever in the UK.
The Euro was supported by news that France is easing lockdown restrictions.
Attention will now turn to German consumer confidence data and the release of the minutes from the latest ECB meeting.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.